MCX MORNING NEWS UPDATES - 29 June 2018

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Gold Prices Hit Fresh Six-Month Lows, Set for Fifth-Straight Daily Loss -   Gold prices remained on track to post a fifth daily slump in a row as traders continued to shun the yellow metal despite the dollar retreating on data showing first-quarter US economic slowed by more than expected. The U.S. dollar's two-day rally came under threat after U.S. gross domestic product slowed to a 2% annual rate in the January to March period, missing economists’ forecast of 2.2%. Yet, the yellow metal continued to trickle lower, to fresh 6-months lows, on expectations that any dollar weakness would be short lived, as the Federal Reserve is forecast to raise rates twice more this year, to a total of four rate hikes, amid worries about the U.S. economy overheating. Atlantic Federal Reserve President Raphael Bostic said Thursday the Fed was worried about the U.S. economy overheating but acknowledged that U.S. economic expansion has been steady.

CSPT fails to agree Q3 copper concentrate TCs floor price - The floor price of imported copper concentrate treatment charges (TCs) for the third quarter has yet to be decided by the China Smelters Purchase Team (CSPT) even though the meeting was held on Thursday June 28. In fact, there is a high probability that a floor price will not be set, for the first time, sources told SMM. In anticipation of further upward room in the third quarter, the CSPT members were unwilling to suggest a reference price for the TCs in the hope of getting a better price, SMM expects. Another reason could be due to the varying inventory levels among the team members, which left them unable to reach an agreement.  

Chinese zinc smelters to raise TCs, cut production - A group of Chinese zinc smelters have agreed to raise zinc concentrate treatment charges (TCs) and planned to cut production by 10% in a meeting in Shaanxi province on Thursday June 28, SMM learned. The meeting was held against the backdrop of low TCs and falling zinc prices since the start of this year, which ate into smelters’ profits. A widening profit gap between domestic mines and smelters was also of concern. However, specific measures on raising TCs and cutting output remained to be carved out in more group meetings in the future, SMM learned. 

Oil dips as trade disputes threaten growth, but crude market remains tight - Oil prices dipped on Friday amid escalating trade friction between the United States and other major economies, although crude markets remain tight due to supply disruptions and generally high demand.Friday's falls came as Asian stock markets were near nine-month lows, despite a small rebound (MIAPJ0000PUS), amid an escalation of trade disputes between the United States on one side and economies including China, India and the European Union on the other. China's yuan slipped to a new low against the U.S.-dollar on Friday and despite a slight recovery was on course for its worst month on record, as the increasingly bitter trade row with the United States threatened to rattle the world's second-biggest economy.


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